DataM IntelligenceThe China Companion Animal Health Market is expected to grow at a high CAGR of 6.5% during the forecast period (2022-2029)Market Overview
The China Companion Animal Health market size was worth US$ YY million in 2018 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 6.5% during the forecast period (2022 - 2029).
Companion animals are domesticated or domestic-bred animals whose physical, emotional, behavioural and social needs can be readily met as companions in the home or a close daily relationship with humans.
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Market Dynamics
The popular nuclear family trend across the country has accelerated pet ownership and is expected to continue during the forecast period.
The trend of imbuing pets with human characteristics has increased the health and safety concerns among pet owners. This increase is a result of the growing human-animal bond, which defines consumers’ willingness to spend more money on their pets. The pet industry in China is booming and the growth rates in the region are comparable to the other developed countries. Hence, the increase in pet adoption has helped in driving the companion health market.
In China, the organisation for evaluation and approval of applications for VMPs is comparable to its neighbouring country, Russia. Also, two different agencies are involved in the evaluation and registration of VMPs, namely the Institute of Veterinary Drug Control (IVDC) and the Veterinary Bureau of the Chinese Ministry of Agriculture (MOA).
Market Segmentation
- By Products
- By Animals
- By End-User
By-Products – Diagnostics
Automation in the tests will result in inefficient handling of large volumes of samples and increased productivity. The tests are cost-effective and also cover a wide range of diseases. Moreover, increased use of glucose monitoring devices to diagnose diabetes at an early stage is projected to further propel the growth.
The advent of micro fluids and miniaturization among others supported the commercialization and development of in vitro diagnostic devices and imaging systems, which is projected to further propel the growth of companion animal diagnostics.
High cost that is associated with animal tests hampers companion animal diagnostics growth. Some animal tests require months or years to analyze and conduct, and all this occurs at the cost of hundreds of thousands or millions of Yen per substance examination. Hence, high cost and more time is taken to diagnose and analyse will lead to a decline in business growth.
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Competitive Landscape
The China companion animal health market is fragmented with the presence of multiple local and international players. More than XX% of the China companion animal health market is attributed to the top five players –Boehringer Ingelheim, Zoetis, Bayer Healthcare, MSD Animal Health (Merck), and Virbac.
IDEXX Laboratories is a major player in the market companion animal diagnostics market. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. To garner a larger share in the market, the company continuously focuses on product developments and launches. For instance, in January 2019, the company launched Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers for the canines.
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